Jul 14, 2019

Facebook faces grilling from Washington

Illustration: Rebecca Zisser/Axios

Facebook's executives could be forgiven for thinking that this week was bad enough, what with Donald Trump attacking them on Twitter and Jay Powell pouring cold water on their cryptocurrency ambitions. But the Silicon Valley panopticon will get even more attention from Washington this week.

Driving the news: An antitrust hearing on Tuesday will feature executives from Apple, Amazon and Google as well as Facebook.

  • David Marcus, the head of Libra, will appear before the Senate on the same day, followed by a House hearing on Wednesday.

Of note: Earnings season starts tomorrow with the big banks. Netflix releases quarterly results on Wednesday, with UnitedHealth and Chewy following on Thursday.

  • Amazon’s Prime Day, which will span 2 days this year, begins tomorrow.

China's second-quarter GDP report is also out tomorrow. Economists expect growth to come in at 6.2% — a slowdown from Q1’s 6.4%.

Go deeper: Don't bother worrying about Libra

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Congress raises questions on Facebook's Libra coin

Illustration: Aïda Amer/Axios

Facebook’s cryptocurrency plans will face scrutiny in two Congressional hearings this week, during which company exec David Marcus will attempt to abate lawmakers’ concerns.

The big picture: Facebook’s foray into cryptocurrency has caught the attention of Congress like no previous cryptocurrency. As Fed chairman Jerome Powell said last week, any problems with Libra "would arise to systemically important levels just because of the mere size of the Facebook network."

Go deeperArrowJul 16, 2019

Facebook spoils the cryptocurrency party

Illustration: Sarah Grillo/Axios

Thanks to Facebook entering the space, the grown-ups have come in to turn on the lights and throw cold water on the cryptocurrency party.

The big picture: Facebook's dive into cryptocurrency with its Libra project has put digital payments squarely in the bullseye of government regulators, just as Bitcoin and other cryptos had started to rebound in value.

Go deeperArrowJul 16, 2019

D.C. preps to grill Big Tech over monopoly questions

Rep. David Cicilline (D-R.I.) is the chair of the House Judiciary Committee's antitrust subcommittee. Photo: Chip Somodevilla/Getty Images

A behind-the-scenes battle to shape Capitol Hill scrutiny of Big Tech's power will burst into public view this week in the most significant way yet.

Driving the news: Representatives of Google, Facebook, Amazon and Apple will face questions Tuesday from members of the House Judiciary Committee's antitrust subcommittee as part of its investigation into their market power.

Go deeperArrowJul 14, 2019